Brixmor Property Group

Last updated
Brixmor Property Group Inc.
FormerlyCentro Watt (2003–2007)
Centro Properties Group US (2007–2011)
Company type Public company
NYSE:  BRX
S&P 400 Component
Russell 1000 Index Component
Industry Real estate investment trust
Founded2003;21 years ago (2003) (as Centro Watt)
Headquarters 450 Lexington Avenue
New York City
Key people
 James M. Taylor, CEO & President
John G. Schreiber, Chairman
Angela Aman, CFO
Products Shopping centers
RevenueIncrease2.svg $1.218 billion (2022)
Increase2.svg $354 million (2022)
Total assets Increase2.svg $8.435 billion (2022)
Total equity Increase2.svg $2.865 billion (2022)
Number of employees
502 (2022)
Website www.brixmor.com
Footnotes /references
[1]

Brixmor Property Group is a publicly traded real estate investment trust that invests in shopping centers. As of December 31, 2022, the company owned 373 shopping centers containing 66 million square feet of retail space. The company's largest markets are Florida (13.5% of revenues), California (11.4% of revenues), and Texas (11.2% of revenues). The company's largest tenants are TJX Companies (3.4% of revenues), Kroger (2.4% of revenues), and Burlington (1.9% of revenues). [1]

Contents

History

In late 2003, Vicinity Centres (later Centro Properties Group), an Australian shopping center firm, and American-based Watt Commercial Realty formed Centro Watt, a joint venture, and acquired 14 shopping centers in California for $488 million. [2] In 2005, Centro acquired Kramont Reality Trust for $1.2 billion. [3] In May 2006, Sydney-based Westfield Group sold seven shopping centers to Centro Watt. [4] In 2007, Centro acquired Watt Companies' ownership stake, ending the joint venture, and renamed the company Centro Properties Group US. [5]

In 2011, The Blackstone Group acquired Centro Properties Group US from Centro Retail Trust, and the entity changed its name to Brixmor. [6] [7] [8]

In 2012, the company hired Madison Marquette to manage 7 centers that were acquired from Westfield Group. [9]

In October 2013, the company became a public company via initial public offering. [10] [11]

In April 2016, president and CEO Michael Carroll, CFO Michael Pappagallo, and chief accounting officer Steven Splain resigned after an accounting scandal. [12] [13] Jim Taylor was named CEO and president. [14]

In August 2016, The Blackstone Group sold its stake in the company. [15]

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References

  1. 1 2 "Brixmor Property Group Inc. 2022 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ↑ Pristin, Terry (January 28, 2004). "COMMERCIAL REAL ESTATE; Australians Quickly Become Big Investors in U.S." . The New York Times .
  3. ↑ VINCENT, ROGER (May 12, 2005). "Centro Watt Completes Purchase of Kramont" . Los Angeles Times .
  4. ↑ Cummins, Carolyn (May 10, 2006). "Westfield sells small US centres". The Sydney Morning Herald .
  5. ↑ VINCENT, ROGER (May 3, 2007). "Watt to sell stake in joint venture" . Los Angeles Times .
  6. ↑ Kostelni, Natalie (December 4, 2014). "You've shopped at its centers. Now meet Brixmor" . American City Business Journals .
  7. ↑ "Centro Properties Group US Changes Name to Brixmor Property Group" (Press release). PR Newswire. September 28, 2011.
  8. ↑ "Centro Changes Name to Brixmor Property Group". National Real Estate Investor . September 28, 2011.
  9. ↑ "Progress continues with Isle of Capri casino construction". Southeast Missourian . April 30, 2012.
  10. ↑ "Brixmor Property Group Completes $948.8 Million Initial Public Offering" (Press release). PR Newswire. November 4, 2013.
  11. ↑ ALDEN, WILLIAM (October 30, 2013). "Shares of Blackstone-Backed Real Estate Trust Rise in Debut" . The New York Times .
  12. ↑ Kostelni, Natalie (February 10, 2016). "Brixmor Property Group sees CEO, others resign amid accounting scandal" . American City Business Journals .
  13. ↑ Banerjee, Arunima (February 8, 2016). "Brixmor's top executives exit after accounting review, shares plunge". Reuters .
  14. ↑ Hufford, Austen (April 12, 2016). "Shopping-Center Owner Brixmor Names CEO After Accounting Scandal" . The Wall Street Journal .
  15. ↑ Yu, Hui-yong (August 10, 2016). "Blackstone Sells Rest of Stake in Shopping-Center REIT Brixmor" . Bloomberg News .
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